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Money transfer can be daunting as it includes several complexities. In this article, we will discuss how to ensure you get the most out of your money when sending it to Guatemala while staying abroad.
Understand Various Methods for Sending Money
If you want to send money to Guatemala while staying abroad, you have multiple options, such as money orders, wire transfers, online remittances, and bank drafts. To choose the most efficient, cost-effective, and secure one, it is essential to understand and compare various methods.
If you regularly transfer money to Guatemala, it will be convenient to choose a service that covers all your financial requests. Some money-sending methods are easier but take longer, while others are quicker but more expensive. You should prioritize the one that best suits your needs.
Double Check You have all the Information Needed
Compatibility issues and other problems can occur when sending money to Guatemala. To ensure a successful money transfer without any inconvenience, you must double-check the recipient information. Incorrect recipient information can lead to delays.
In case you have accidentally sent money to the wrong recipient, immediately contact the bank or your service provider to claim your money. The sooner you do it, the better chance you will have of getting the money back.
Check the Exchange Rate and Fees
The exchange rate is the rate applied when you convert money from one currency to another. These values change over time and also vary depending on which bank and company you are using to make the exchange.
Worldwide currency markets are affected by various global events, such as changes in leadership or natural disasters. Interest rates and inflation also influence exchange rates and can move values up and down overnight.
To calculate the total cost of your money transfer, you should consider the following questions.
- Are you getting the real-time exchange rate?
- How much will you be charged (both upfront and hidden)?
- How much money will the recipient receive in the bank account?
Do Not Send Cash in Mail
Sending money through the mail is not illegal, but it is advised not to do so. It is highly risky and unreliable, as there are great chances of money being lost, stolen, or damaged during transit. Moreover, unlike other money transfer options, you cannot track your cash in a mail transfer.
When you send large sums of cash internationally through the mail, it leads to various potential legal complications. So, rather than choosing mail, consider better alternatives, such as wire transfers and money orders.
Beware of Transfer Scams
When sending money to Guatemala while staying abroad, you must choose a reliable and trustworthy service. Beware of transfer scams and ensure the transfer company is authorized by the regulatory agency.
It might be a sign of scam if you are:
- asked for your personal information and passwords
- offered a commission to transfer a large sum of money
- asked to wire your money through unusual means
